Real estate market sees slow decline in inventories
The real estate sector reported a reduction of VND1.45 trillion (US$63.6 million) in inventory in February from December, 2016 to an estimated VND29.6 trillion (US$1.3 billion), according to the Department of Housing and Real Estate Management under the Ministry of Construction.
Most of the inventory is residential land for projects located far from cities with insufficient infrastructure. This land totalled more than 3.5 million square metres, worth some VND13.6 trillion (US$596.5 million).
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This was followed by town houses with 3,726 units worth VND8.1 trillion (US$355.3 million). Unsold apartments stood at 3,613 units, equivalent to VND5.2 trillion (US$228 million). Inventory in commercial land was nearly 697,000 square metres valued at VND2.6 trillion (US$114 million).
Unsold properties in Hanoi were estimated at VND5.538 trillion (US$242.89 million) while Ho Chi Minh City saw total inventory value of VND5.518 trillion (US$242.02 million).
To ensure transparency in the market, the two cities have announced property projects qualified to sell property. From September, 2015 to February, 2017, some 54,512 apartments were available in Hanoi while 32,420 units were eligible in Ho Chi Minh City.
The Department also said that transaction prices were stable in the two cities thanks to abundant supply.
